Celebrating the 20th anniversary of Kotak Private Banking, the Kotak Private Top of the Pyramid Report 2024 unveils shifting trends among India’s Ultra-HNIs.

The report offers deep insights into the spending and investment patterns as well as economic indicators of India’s Ultra-HNIs. It sheds light on their lifestyle choices, motivations, and aspirations. Beyond wealth creation, the report uncovers a deeper, more meaningful journey these individuals pursue—one that brings purpose and fulfilment to their lives.

CONTENTS

How Ultra-HNIs Spend

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Ultra-HNI Investment Patterns

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The Global Investor

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Estate and Succession Planning

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Emerging Digital Trends in Wealth Management & Private Banking

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Live your
Purpose

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Disclaimer and Notices

This report is for information purpose only. The views expressed in this report do not necessarily constitute the view of the Bank or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy. The information contained in this report is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank and its subsidiaries, its Directors, employees, contributors and personnel shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. This report should be read in conjunction with the information contained in “About Kotak Private”

For queries, please write to info.private@kotak.com

EY is a global leader in advisory, tax, transaction and assurance services. EY is one of the leading service providers to the financial services industry with functional domain experts in every area of Financial Services - Banking, Insurance, Capital Markets, Treasury, Wealth Management, Quantitative and Analytics

EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. EY is one of the Indian client serving member firms of EYGM Limited. For more information about our organisation, please visit www.ey.com/in.

This report contains information in summary form and is therefore intended for general guidance only. It is not Intended to be a substitute for detailed research or the exercise of professional judgement. Neither EY nor any other member of the global Ernst & Young organisation can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this report.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking licence from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd. (Bank). Kotak Mahindra Group (Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius, respectively. As on 31st December, 2024, the Bank has a national footprint of 2,068 branches and 3,337 ATMs (incl. cash recyclers) and branches in GIFT City (Gujarat) and DIFC (Dubai).

About Kotak Private

Kotak Private Banking, a division of the Bank, is one of the oldest and most respected private banking institutions in India. It provides end-to-end banking and investment services to its clientele, which includes 60% of India’s top 100 families (Source: derived from the Forbes India Rich List, 2024). For over 20 years and even during uncertain and volatile times, Kotak Private Banking has maintained its leadership position in the Indian private banking industry due to its in-depth understanding of the capital markets environment, asset classes and the associated risks, while catering to customised client requirements, helping them live their purpose.

Kotak Private is a proposition offered by Kotak Group across multiple entities in the Group. Investment services (distribution and referral) are offered by Kotak Private Banking, housed in Kotak Mahindra Bank Ltd. (Bank). Investment advisory services are offered by Kotak Alternate Asset Managers Ltd. (KAAML). Family office services – Investment related are offered by KAAML and services which are ancillary to investment advisory will be offered by third party service providers, coordinated by KAAML. Estate Planning services are provided by Kotak Mahindra Trusteeship Services Ltd. (KMTSL). Broking services are offered through Kotak Securities Ltd.

Kotak Securities Ltd., KAAML and KMTSL are wholly owned subsidiary of the Bank. Philanthropy & Social Impact investing services are provided by external experts and are coordinated by Kotak Group.

For more information, visit the Company’s website at www.kotakprivate.com